2008-06-16 10:00:00 CEST
2008-06-16 10:00:00 CEST
REGULATED INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
PANOSTAJA GROUP INTERIM REPORT 1 NOVEMBER 2007 - 30 APRIL 2008
Panostaja Oyj Interim report, 16th June 2008 11 am
PANOSTAJA GROUP INTERIM REPORT 1 NOVEMBER 2007 - 30 APRIL 2008
- Net turnover stood at EUR 66.7 million (EUR 32.7 million), equivalent to 104%
growth.
- Operating profit stood at EUR 4.8 million (EUR 3.7 million), equivalent to
31% growth.
- Earnings per share (basic) were 3.8 cents (6.4 cents).
- Equity per share was EUR 0.74 (EUR 0.58).
- The equity ratio was 34.5% (37.4%).
- Net turnover for the financial year will increase significantly due to
business acquisitions made.
- Operating profit for the financial year will be up on the previous year.
This Interim Report was prepared in compliance with the recognition and
measurement principles of the International Financial Reporting Standards (IFRS)
and in accordance with the same accounting policies as the financial statements
for 2007.
GROUP
FINANCIAL PERFORMANCE
Panostaja Group's net turnover for the last six months was EUR 66.7 million (EUR
32.7 million). Growth in net turnover mainly resulted from acquisitions made
during the previous financial year.
The Group's operating profit was EUR 4.8 million (EUR 3.7 million), while profit
before taxes was EUR 3.8 million (EUR 3.5 million). The Group's operating profit
improved due to the rise in net turnover, but the Group's profitability
decreased relative to net turnover. The operating margin was 7.2% (11.2%). The
net turnover for the half-year period for the Group's largest segment in terms
of net turnover (i.e. Industrial Construction) decreased by EUR 0.3 million
compared to the reference period. The results for the half year for the
wholesale segment were let down by the capital transfer tax recorded as costs on
the group's internal transactions worth a total of EUR 0.3 million. The results
for the Other Operations segment were improved by the operating profit earned by
LukkoexpertSecurity Oy (EUR 0.5 million).
The Group's net financial expenditure was about EUR 1.0 million. It employed an
average of 747 (429) employees during the reporting period.
INVESTMENTS AND FINANCING
The Group's gross capital expenditure during the half-year period was EUR 9.7
million (EUR 3.0 million). The most important investment during the reporting
period was the acquisition of Hervannan Koneistus Oy by Takoma Oyj.
The Group's equity ratio was 34.5% (37.4%). Dividends distributed during the
period amounted to EUR 3.97 million. Dividends paid to minority shareholders in
subsidiaries amounted to EUR 0.47 million.
During the reporting period, the Group acquired an interest-rate cap agreement
to act as a hedge against the loans raised by Group companies during the
financial year 2007 totalling EUR 24.82 million.
CHANGES TO THE GROUP STRUCTURE
Takoma Oyj (formerly Suomen Helasto Oyj), Panostaja Oyj's publicly listed
subsidiary, purchased the share capital of Hervannan Koneistus Oy from Kimmo
Korhonen and the business operation of Tampereen Laatukoneistus Oy from
Panostaja Oyj through transactions carried out on 1 November 2007. Acquisitions
were made on the basis of authorisations granted by Takoma Oyj's Annual General
Meeting on 17th October 2007.
Takoma Oyj signed a share exchange agreement with Kimmo Korhonen, owner of
Hervannan Koneistus Oy, whereupon Mr. Korhonen surrendered the entire share
capital of Hervannan Koneistus Oy to Takoma. To this end, Takoma Oyj's Board of
Directors decided to increase the company's share capital by EUR 159,775.50 to
EUR 939,855.96 by launching a share issue disapplying shareholders' pre-emption
rights and to give Kimmo Korhonen 2,662,925 new Takoma Oyj shares at a
subscription price of EUR 1.84 per share in exchange. The value of the share
exchange, according to the closing price of Suomen Helasto Oyj's share on 31
October 2007, was EUR 4.9 million. Disapplication of pre-emption rights was
authorised by the General Meeting and there were weighty financial reasons for
following this course of action from the Company's point of view. New shares
were issued as part of an acquisition relating to restructuring. The new shares
surrendered to Kimmo Korhonen were entered in the Trade Register on 28 November
2007, meaning that Panostaja Oyj's holding in Takoma Oyj dropped to 79.19%, thus
causing Panostaja Oyj to forfeit its right and obligation of redemption as a
majority shareholder under Chapter 18, section 1 of the Finnish Companies Act in
respect of Takoma Oyj shares.
On 1st November 2007, Takoma Oyj's subsidiary, Causatak Oy, purchased the
business operation of Tampereen Laatukoneistus Oy, part of the Panostaja Group,
at a price of EUR 3.7 million. Assets outside the ordinary course of business,
including premises owned by the company, remained with the selling company as
part of the deal.
Jarkko Iso-Eskeli was invited to become CEO and shareholder in KL-Varaosat, part
of the Panostaja Group, to start from 1 April 2008. He was formerly Export
Manager for FennoSteel Oy.
EVENTS SUBSEQUENT TO THE REPORTING PERIOD
On 29 April 2008 Panostaja Oyj purchased the entire share capital of Kopijyvä Oy
with a bill of sale and the deal became binding on both parties on 2 May 2008.
Heimo Viinanen, CEO of Kopijyvä Oy, will continue to run the company and be a
significant minority shareholder. The final price of the deal was confirmed
between the parties on 22 May 2008 at EUR 16,983,490.60.
On 2 May 2008 Panostaja Oyj signed an agreement to acquire the business
operation of EcoSir Oy, a company established in 1996 specialising in solutions
for waste management and property services and maintenance equipment. With the
acquisition Panostaja will expand its operation and establish a new business
area specialising in environmental technology.
In its Financial Statements Bulletin of 11 December 2007 the Board of Directors
of Panostaja Oyj said it had decided to start exploring the possibilities of
distributing Takoma Oyj shares as dividends to Panostaja Oyj shareholders. The
exploratory work reached an end on 22 May 2008 and, instead of a distribution of
dividends, the Panostaja Board decided to propose at an extraordinary general
meeting that the shareholders should be refunded their capital out of the
invested unrestricted shareholder's capital fund paid either in the form of
Takoma shares or cash ('Equity Rebate'). The equity rebate will also involve a
sale of shares (seasoned equity offering) ('Sale of Shares'). The summary of the
Equity Rebate and Sale of Shares and the relevant securities note were approved
by the Financial Supervision Authority on 2 June 2008. In the preliminary ruling
on the Equity Rebate and Sale of Shares the Tax Office for Major Corporations
decided on the basis of an overall assessment that Panostaja was a capital
investor (venture capital company) within the meaning of section 6 of the
Finnish Business Tax Act, meaning that the profit (capital gain) from any sales
of Takoma shares given in the form of an equity rebate was taxable income for
Panostaja. This interpretation by the tax office would, if kept to, have an
impact on the tax treatment of any profits and losses resulting from the
surrender of Panostaja's other shares in fixed assets. The interpretation would
not, however, have any impact on the tax treatment of shareholders.
The proposal by the Board for the Equity Rebate was approved at Panostaja Oyj's
extraordinary meeting on 9 June 2008. The company will reimburse to shareholders
who own at least 3,000 Panostaja shares Panostaja-owned Takoma shares according
to the value of their holdings. Those shareholders who own fewer than 3,000
Panostaja shares will receive their Equity Rebate in the form of cash. The
Equity Rebate will, according to estimates, result in Panostaja's holding in
Takoma falling from its present level of 79% to around 65%. The total value of
the Equity Rebate is put at approximately EUR 3.7 million if the Takoma share
value used is 1.66 euros per share.
Jukka Laakso, CEO of the company, was invited to be a shareholder in LukkoExpert
Security Oy, part of the Panostaja Group, on 10 June 2008. Laakso has been CEO
of LukkoExpertSecurity Oy since 2005.
ADMINISTRATION AND ANNUAL GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held in Tampere, Finland, on 18
December 2007. Mr. Matti Koskenkorva, Mr. Jukka Ala-Mello and Mr. Hannu
Tarkkonen were re-elected to Panostaja Oyj's Board of Directors. New members
elected to the Board were Mr. Hannu Martikainen, Honorary Counsellor of
Construction Engineering, and Mr. Hannu Ketola, Master of Social Sciences in
Political Science. As soon as the Annual General Meeting was concluded, the
Board of Directors convened for their organisational meeting and appointed Mr.
Matti Koskenkorva Chairman of the Board and Mr. Jukka Ala-Mello Deputy Chairman.
As auditors the AGM further elected Mr. Hannu Pellinen, APA, and
PricewaterhouseCoopers Oy, APA, with Mr. Janne Rajalahti, APA, as the
responsible auditor.
The AGM approved the financial statements presented for the financial year 1
November 2006 - 31 October 2007 and the Board's proposal to transfer the profit
for the period to retained earnings and to distribute EUR 0.09 per share in
dividends. The record date for dividend distribution was 21 December 2007 and
the payment date was as from 31 December 2007. In addition, the AGM granted
discharge in respect of the members of the Board of Directors and the Chief
Executive Officer.
The Annual General Meeting revoked all authorisations granted at the Annual
General Meeting held on 15h December 2006 and authorised the Board of Directors
to decide on offering no more than 2,725,659 Class A shares and no more than
62,794,408 Class B shares through a regular or bonus issue or by granting share
options and other rights referred to in Chapter 10, section 1 of the Companies
Act, in one or more tranches. The authorisation does not exclude the Board's
right to decide on private placements or on granting the aforementioned special
rights. The authorisation covers the Board's right to decide on any terms and
conditions of the share issue(s) and said special rights, including recipients
of shares or special rights and the amounts payable in consideration.
The Annual General Meeting authorised the Board of Directors, within the limits
of the aforementioned authorisation, to decide on an increase in the share
capital through one or more share issues or by granting share options and other
rights referred to in Chapter 10, section 1 of the Companies Act, with a maximum
of 1,000,000 new Class A shares and a maximum of 60,000,000 new Class B shares
being offered for subscription in the issue(s) at a nominal price of EUR 0.12
each. The share capital increase cannot exceed EUR 7,320,000.
In addition, the Annual General Meeting authorised the Board of Directors,
within the limits of the aforementioned authorisation, to decide on a share
issue, granting share options and other rights referred to in Chapter 10,
section 1 of the Liability Companies Act, with the company offering no more than
1,725,659 and 2,794,408 of its Class A and B shares respectively.
The authorisation will be valid for five years as from the decision taken at the
AGM.
During the reporting period the Board exercised its authorisation and sold a
total of 335,512 Panostaja Oyj Class B shares (trading code: PNABS) to the
members of the management team. The sale was carried out on 12 March 2008 in
after hours trading on the Helsinki Stock Exchange. The sale price on 12 March
2008 was the closing price, i.e. EUR 1.07 per share for a total of EUR 358,
997.84. The sale was effected in order to implement the Panostaja Oy management
team's incentive scheme.
The Annual General Meeting authorised the Board of Directors to decide on buying
back the company's own shares using unrestricted shareholders' equity within 18
months from the date of the decision taken at the AGM. The shares are to be
acquired with reference to their classes, with the maximum numbers of shares
being bought at a nominal value of EUR 0.12 being 1,725,659 Class A shares and
2,794,408 Class B shares, so that the total number of shares being bought will
not exceed 10% of the company's total number of shares. The shares will be
bought in the way and to the extent decided by the Board to be used as
consideration for possible business acquisitions or other restructuring measures
or when purchasing assets as part of business operations for the company or a
company in the same Group, for developing the company's capital structure, for
cancelling shares, or for implementing the incentive scheme for key personnel.
The shares will be acquired in disproportion to shareholdings in public trading
organised by the Helsinki Stock Exchange at their current price in public
trading at the time of purchase.
SHARE CAPITAL AND OWN SHARES
At the end of the reporting period, Panostaja Oyj's share capital was EUR
5,424,081.60 and the number of shares was 45,200,680. The numbers of issued
Class A and B shares amounted to 17,256,595 and 27,944,085 respectively.
According to a notification received by Panostaja Oyj on 18 March 2008, Olli
Halmevuo's holding in Panostaja Oyj went under the 5% level on 18 March 2008.
His holding was at that point 1,980, 943 Class A and 272, 634 Class B shares,
totalling 2,253,577, equivalent to 4.98% of the Panostaja shares and 10.69% of
the votes.
On 18 December 2007 Panostaja Oyj's AGM decided to pay the Board's attendance
allowance in such a way that approximately 40% of the allowance paid to a member
would be paid in Class B shares on the basis of the Board's authorisation to
issue shares if the Board member does not own more than 1% of all the company's
shares on the date of the AGM. If the Board member owns more than 1% on that
date the total allowance will be paid in cash. In addition, the Board of
Panostaja Oyj decided at its organisational meeting after the AGM to implement
the decision taken at the AGM regarding Board members allowances in shares, with
the allowance being paid four times a year and always on the day following
publication of the interim report/financial statements.
On 13 March 2008 Panostaja Oyj distributed a total of 7,560 Class B shares to
the Board members as payment of their attendance allowance in accordance with
the decisions taken at the AGM and by the Board of Directors.
The number of own shares held by the company at the end of the reporting period
was 744,919, consisting of 475,000 and 269,919 Class A and B shares
respectively. The number of acquired Class A shares was equivalent to 1.05% of
the total number of shares at the end of the reporting period and to 2.55% of
the total number of votes carried by all shares. The number of Class B shares
was equivalent to 0.6% and 0.07% of total numbers of shares and votes
respectively.
SUBORDINATED LOAN
The amount of the 2006 convertible subordinated loan outstanding at the end of
the reporting period was EUR 18,700,000, entitling holders to subscribe for a
total of 11,000,000 new Class B shares.
After the reporting period Panostaja Oyj's convertible loan of 2006 was used to
subscribe for 875,000 new Panostaja Class B shares, the rise in share capital of
EUR 105,000 concerning which was recorded in the Trade Register on 8 May 2008.
The subscribed shares were traded on the Helsinki Stock Exchange on 12 May 2008
and the total number of new Panostaja Class B shares in 2008 is 875,000.
Following the subscription for shares the amount of the 2006 convertible subordinated loan outstanding was EUR 17,212,500, entitling holders to subscribe
for a total of 10,125,000 new Class B shares.
Following the subscription for shares Panostaja Oyj's share capital is EUR
5,529,081.60. The number of issued Class A shares is 17,256,595 and the
corresponding figure for Class B shares is 28,819,085 (27,944,085 old and
875,000 new).
SHARE PERFORMANCE AND HOLDINGS
During the reporting period, the prices of Panostaja Oyj Class A and B shares
varied between EUR 1.08 and EUR 1.75 and between EUR 1.03 and EUR 1.73
respectively. The volumes of trading in Class A and B shares amounted to 550,608
and 2,882,966 shares respectively, equivalent to 7.8% of the share capital.
April closing prices for Class A and B shares were EUR 1.17 and EUR 1.16
respectively. At the end of April, the company's total market capitalisation was
EUR 52.6 million and the company had 2,157 (1,086) shareholders.
SHORT-TERM RISKS AND UNCERTAINTIES
Panostaja Group's most significant risks are described in the previous financial
statements. Short-term risks relate in particular to the successful integration
of acquired companies.
OUTLOOK FOR THE REST OF THE FINANCIAL YEAR
Panostaja Group will continue to focus on the business idea in line with its
core business strategy and on the development of existing business areas. The
retirement of the baby-boomers, the ever more dramatic changes in the business
environment and internationalisation will result in a large number of business
purchases over the next few years. Panostaja's operating conditions, available
capital resources and liquid assets are a good basis for intense expansion of
operations. The increasing number of SMEs operating in traditional industries
will enable both further expansion into new business areas and growth in
existing business areas.
Domestically, the economic situation is expected to remain mostly favourable,
even though economic growth in key markets will slow down. The economic outlook
for the current business area sectors is reasonable. The Group's net turnover
for the financial year will increase significantly due to business acquisitions.
In addition, the Group's operating profit for the financial year will be up on
the previous year. However, increasing uncertainty in the construction industry
may affect the prospects of some business areas.
Panostaja Oyj
Board of Directors
For further information, please contact Mr. Juha Sarsama, CEO, tel. 010 2173 210
or 040 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and estimates in this Interim Report are based on the current
views of the management of the Group and the managers of the business areas on
the economic climate and outlook and the actual results may be significantly
different. The data provided in this Interim Report is unaudited.
This stock exchange bulletin is a translation of the original Finnish stock
exchange bulletin 11th June 2008.
FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| | 11/07- 4/08 | 11/06- 4/07 | 11/06-10/07 |
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| (EUR 1,000) | (6 months) | (6 months) | (12 months) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover | 66,712 | 32,688 | 90,763 |
--------------------------------------------------------------------------------
| Other operating income | 357 | 111 | 721 |
--------------------------------------------------------------------------------
| Total expenses | 60,419 | 28,415 | 81,075 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 1,836 | 703 | 2,110 |
| impairment | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 4,814 | 3,661 | 8,299 |
--------------------------------------------------------------------------------
| Financial income and expenses | -1,005 | -187 | -815 |
--------------------------------------------------------------------------------
| Profit before taxes | 3,809 | 3,475 | 7,484, |
--------------------------------------------------------------------------------
| Income taxes | -958 | -976 | -1,900 |
--------------------------------------------------------------------------------
| Profit from continuing | 2,847 | 2,499 | 5,584 |
| operations | | | |
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| Profit from discontinued | | 350 | 350 |
| operations | | | |
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| Profit for the period | 2,847 | 2,849 | 5,934 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 1,676 | 1,979 | 4,295 |
| company | | | |
--------------------------------------------------------------------------------
| Minority interest | 1,171 | 870 | 1,638 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share on | 0.038 | 0.064 | 0.120 |
| continuing and discontinued | | | |
| operations, EUR - basic | | | |
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CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 04/2008 | 04/2007 | 10/2007 |
--------------------------------------------------------------------------------
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| ASSETS | | | |
--------------------------------------------------------------------------------
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| Non-current assets | | | |
--------------------------------------------------------------------------------
| Intangible assets | 16,955 | 4,416 | 13,759 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 21,128 | 9,526 | 17,826 |
--------------------------------------------------------------------------------
| Interests in associates | 971 | 889 | 975 |
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| Other non-current assets | 320 | 123 | 230 |
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| Interest-bearing receivables | | 15 | 15 |
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| Total non-current assets | 39,374 | 14,969 | 32,345 |
--------------------------------------------------------------------------------
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| Current assets | | | |
--------------------------------------------------------------------------------
| Stocks | 21,939 | 9,333 | 21,100 |
--------------------------------------------------------------------------------
| Trade and other non-interest-bearing | 27,059 | 13,581 | 20,226 |
| receivables | | | |
--------------------------------------------------------------------------------
| Short-term investments | 10,508 | 11,606 | 16,289 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 25,145 | 10,519 | 24,985 |
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| Total current assets | 84,651 | 45,038 | 82,600 |
--------------------------------------------------------------------------------
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| Total assets | 124,025 | 60,008 | 114,945 |
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| EQUITY AND LIABILITIES | | | |
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| Share capital | 5,424 | 4.010 | 5,424 |
--------------------------------------------------------------------------------
| Other equity | 27,672 | 15.486 | 29,846 |
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| Total | 33,096 | 19,496 | 35,270 |
--------------------------------------------------------------------------------
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| Minority interest | 8,613 | 2,516 | 4,290 |
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| Total equity | 41,709 | 22,012 | 39,560 |
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| Liabilities | | | |
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| Deferred tax liabilities | 1,503 | 307 | 1,452 |
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| Convertible loan | 18,152 | 10,238 | 18,074 |
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| Non-current liabilities | 36,868 | 11,690 | 14,797 |
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| Current liabilities | 25,793 | 15,761 | 41,062 |
--------------------------------------------------------------------------------
| Total liabilities | 82,316 | 37,996 | 75,385 |
--------------------------------------------------------------------------------
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| Total equity and liabilities | 124,025 | 60,008 | 114,945 |
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CONSOLIDATED CASH FLOW STATEMENT
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| | 01/2008 | 01/2007 | 10/2007 |
--------------------------------------------------------------------------------
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| Cash flow from operating activities | -279 | 3,485 | 8,618 |
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| Cash flow used in investing activities | -3,589 | -2,313 | -10,840 |
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| Increase in creditors | 21,600 | 14,075 | 45,410 |
--------------------------------------------------------------------------------
| Decrease in creditors | -19,029 | -1,582 | -8,961 |
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| Dividends paid | -4,439 | -4,356 | -4,373 |
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| Other changes in equity | 116 | 385 | -1,009 |
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| Total cash flow from (used in) financing | -1,753 | 8,522 | 31,067 |
| activities | | | |
--------------------------------------------------------------------------------
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| Change in cash and cash equivalents | -5,621 | 9,695 | 28,845 |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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| (EUR 1,000) | Shar | Own | Shar | Invest | Trans | Retain | Minori | Total |
| | e | shar | e | ed | lati | ed | ty | |
| | capi | es | prem | unrest | on | earnin | intere | |
| | tal | | ium | ricted | diffe | gs | st | |
| | | | acco | equity | renc | | | |
| | | | unt | fund | es | | | |
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| Shareholders | 3,56 | | 2,68 | | | 11,909 | 2,154 | 20,31 |
| ' equity as | 8 | | 3 | | | | | 4 |
| at 31st Oct. | | | | | | | | |
| 2006 | | | | | | | | |
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| Increase in | 406 | | 1,96 | | | | | 2,370 |
| share | | | 4 | | | | | |
| capital | | | | | | | | |
| relating to | | | | | | | | |
| convertible | | | | | | | | |
| subordinated | | | | | | | | |
| bonds | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | | 430 | | | | 430 |
| component of | | | | | | | | |
| convertible | | | | | | | | |
| subordinated | | | | | | | | |
| loan | | | | | | | | |
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| Share-based | | | | 36 | | | | 36 |
| incentive | | | | | | | | |
| schemes | | | | | | | | |
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| Profit for | | | | | | 1,979 | 870 | 2,849 |
| the period | | | | | | | | |
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| Dividends | | | | | | -3,865 | -,509 | -4,37 |
| paid | | | | | | | | 4 |
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| Share issue | 36 | | | 350 | | | | 386 |
--------------------------------------------------------------------------------
| Shareholders | 4,01 | | 4,64 | 816 | | 10,023 | 2,515 | 22,01 |
| ' equity as | 0 | | 7 | | | | | 1 |
| at 30 April | | | | | | | | |
| 2007 | | | | | | | | |
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--------------------------------------------------------------------------------
| Shareholders | 5,42 | -1,3 | 4,64 | 14,219 | 35 | 12,339 | 4,290 | 39,56 |
| ' equity as | 4 | 94 | 7 | , | | | | 0 |
| at 31t Oct. | | | | | | | | |
| 2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Share-based | | | | 42 | | | | 42 |
| incentive | | | | | | | | |
| schemes | | | | | | | | |
--------------------------------------------------------------------------------
| Profit for | | | | | | 1,675 | 1,172 | 2,847 |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -3,970 | -469 | -4,43 |
| paid | | | | | | | | 9 |
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| Acquisition | | -450 | | | | | | -450 |
| of own | | | | | | | | |
| shares | | | | | | | | |
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| Sale of own | | 565 | | | | | | 566 |
| shares | | | | | | | | |
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| Currency | | | | | -36 | | | -36 |
| translation | | | | | | | | |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition | | | | | | | 3,620 | 3,620 |
| of minority | | | | | | | | |
| interests | | | | | | | | |
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| Shareholders | 5,42 | -1,2 | 4,64 | 14,261 | -1 | 10,044 | 8,613 | 41,70 |
| ' equity as | 4 | 79 | 7 | | | | | 9 |
| at 30 April | | | | | | | | |
| 2008 | | | | | | | | |
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KEY INDICATORS
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| | 04/2008 | 04/2007 | 10/2007 |
--------------------------------------------------------------------------------
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| Equity per share, EUR | 0.74 | 0.57 | 0.79 |
--------------------------------------------------------------------------------
| Average number of shares during the period | 44,215 | 31,017 | 34,964 |
| (000's) | | | |
--------------------------------------------------------------------------------
| Number of shares at end of period (000's) | 44,456 | 33,421 | 44,383 |
--------------------------------------------------------------------------------
| Share issues / convertible during the period | | | 15,466 |
| (000's) | | | |
--------------------------------------------------------------------------------
| Average number of shares (000's)- diluted | 55,245 | 37,267 | 45,965 |
--------------------------------------------------------------------------------
| Return on equity (ROE), % | 14.0 | 23.6 | 18.6 |
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| Return on investment (ROI), % | 11.8 | 20.0 | 14.8 |
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| Gross capital expenditure | | | |
--------------------------------------------------------------------------------
| on non-current assets (MEUR) | 9.7 | 3.0 | 21.9 |
--------------------------------------------------------------------------------
| % of net turnover | 14.6 | 12.5 | 24.1 |
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| Interest-bearing liabilities | 57,734 | 13,103 | 50,653 |
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| Equity ratio, % | 34.5 | 37.4 | 34.9 |
--------------------------------------------------------------------------------
| Average number of employees | 747 | 429 | 571 |
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Key indicators have been calculated eliminating own shares held by the company.
GROUP'S QUARTERLY PERFORMANCE
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| (EUR million) | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| | Q3/0 | Q4/0 | Q1/0 | Q2/0 | Q3/07 | Q4/07 | Q1/08 | Q2/08 |
| | 6 | 6 | 7 | 7 | | | | |
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| Net turnover | 14.0 | 19.9 | 16.7 | 16.0 | 27.1 | 31.0 | 31.6 | 35.1 |
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| Other operating | 0.1 | 0.6 | 0.0 | 0.1 | 0.3 | 0.3 | 0.2 | 0.1 |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Total expenses | 12.5 | 17.1 | 15.0 | 13.4 | 24.3 | 27.0 | 29.4 | 31.0 |
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| Depreciation and | 0.3 | 0.4 | 0.3 | 0.4 | 0.5 | 0.9 | 0.9 | 0.9 |
| amortisation | | | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 1.3 | 3.0 | 1.4 | 2.3 | 2.5 | 2.1 | 1.5 | 3.3 |
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| Financial items | -0.1 | -0.1 | -0.1 | -0.1 | -0.3 | -0.3 | -0.3 | -0.7 |
--------------------------------------------------------------------------------
| Profit before | 1.2 | 2.8 | 1.2 | 2.3 | 2.2 | 1.8 | 1.2 | 2.6 |
| taxes | | | | | | | | |
--------------------------------------------------------------------------------
| Taxes | -0.3 | -0.7 | -0.3 | -0.7 | -0.5 | -0.4 | -0.3 | -0.7 |
--------------------------------------------------------------------------------
| Minority | -0.3 | -0.5 | -0.3 | -0.6 | -0.4 | -0.3 | -0.3 | -0.9 |
| interest | | | | | | | | |
--------------------------------------------------------------------------------
| Profit from | 0.6 | 1.7 | 0.6 | 1.0 | 1.3 | 1.1 | 0.7 | 1.0 |
| continuing | | | | | | | | |
| operations | | | | | | | | |
--------------------------------------------------------------------------------
| Profit from | 0.2 | 4.1 | 0.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 |
| discontinued | | | | | | | | |
| operations | | | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | 0.8 | 5.8 | 0.6 | 1.4 | 1.3 | 1.0 | 0.7 | 1.0 |
| period | | | | | | | | |
--------------------------------------------------------------------------------
CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| EUR 1,000 | 04/2008 | 04/2007 | 2007 |
--------------------------------------------------------------------------------
| Collateral given on behalf of group | | | |
| companies | | | |
--------------------------------------------------------------------------------
| Mortgages | 9,317 | 5,670 | 7,938 |
--------------------------------------------------------------------------------
| Floating charges | 21,540 | 2,558 | 4,117 |
--------------------------------------------------------------------------------
| Pledges given | 31,078 | 6,275 | 14,610 |
--------------------------------------------------------------------------------
| Rental liabilities | 2,816 | 1,414 | 1,354 |
--------------------------------------------------------------------------------
| Other liabilities | 1,120 | 60 | 514 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Amounts payable under lease contracts | | | |
--------------------------------------------------------------------------------
| Payable within one year | 679 | 448 | 564 |
--------------------------------------------------------------------------------
| Payable after one year but within five years | 726 | | 852 |
--------------------------------------------------------------------------------
The Group has entered into interest rate swaps at a nominal value of EUR 1.2
million.
Liabilities have been measured at the nominal or book value of collateral.
SEGMENT INFORMATION
The Group's primary reporting segment is the business segments. The Group
reported on five business segments for the financial year. The Group does not
have a secondary reporting segment.
--------------------------------------------------------------------------------
| EUR 1,000 | 04/2008 | 04/2007 |
--------------------------------------------------------------------------------
| NET TURNOVER | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 9,808 | 5,007 |
--------------------------------------------------------------------------------
| Joinery industry | 4,153 | 4,752 |
--------------------------------------------------------------------------------
| Industrial construction | 12,448 | 12,270 |
--------------------------------------------------------------------------------
| Wholesale trade | 21,333 | 6,942 |
--------------------------------------------------------------------------------
| Takoma | 9,249 | |
--------------------------------------------------------------------------------
| Other | 9,721 | 3,696 |
--------------------------------------------------------------------------------
| Total | 66,712 | 32,668 |
--------------------------------------------------------------------------------
| OPERATING PROFIT / LOSS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 648 | 198 |
--------------------------------------------------------------------------------
| Joinery industry | 127 | 63 |
--------------------------------------------------------------------------------
| Industrial construction | 3,183 | 3,528 |
--------------------------------------------------------------------------------
| Wholesale trade | 390 | 126 |
--------------------------------------------------------------------------------
| Takoma | 388 | |
--------------------------------------------------------------------------------
| Other | 78 | -254 |
--------------------------------------------------------------------------------
| Total | 4,814 | 3,661 |
--------------------------------------------------------------------------------
SEGMENT INFORMATION BY QUARTER
--------------------------------------------------------------------------------
| (EUR million) | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover | | | | | | |
--------------------------------------------------------------------------------
| Industrial services | 2.5 | 2.5 | 5.0 | 5.2 | 4.6 | 5.2 |
--------------------------------------------------------------------------------
| Joinery industry | 2.2 | 2.5 | 2.2 | 2.5 | 2 | 2.2 |--------------------------------------------------------------------------------
| Industrial | 6.6 | 5.6 | 4.0 | 5.4 | 5.7 | 6.7 |
| construction | | | | | | |
--------------------------------------------------------------------------------
| Wholesale trade | 3.6 | 3.4 | 10.1 | 12.6 | 10.1 | 11.3 |
--------------------------------------------------------------------------------
| Takoma | 0.0 | 0.0 | 0.0 | 0.0 | 4.6 | 4.6 |
--------------------------------------------------------------------------------
| Other | 1.8 | 1.9 | 5.8 | 5.2 | 4.6 | 5.1 |
--------------------------------------------------------------------------------
| Total | 16.7 | 16.0 | 27.1 | 31.0 | 31.6 | 35.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit / | | | | | | |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Industrial services | 0.1 | 0.1 | 1.0 | 0.5 | 0.4 | 0.2 |
--------------------------------------------------------------------------------
| Joinery industry | -0.1 | 0.1 | 0.2 | 0.3 | -0.1 | 0.2 |
--------------------------------------------------------------------------------
| Industrial | 1.4 | 2.2 | 0.8 | 0.9 | 0.9 | 2.3 |
| construction | | | | | | |
--------------------------------------------------------------------------------
| Wholesale trade | 0.0 | 0.1 | 0.6 | 0.7 | 0.6 | -0.2 |
--------------------------------------------------------------------------------
| Takoma | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0.4 |
--------------------------------------------------------------------------------
| Other | -0.1 | 0.2 | -0.5 | -0.3 | -0.3 | 0.4 |
--------------------------------------------------------------------------------
| Total | 1.4 | 2.6 | 2.2 | 2.1 | 1.5 | 3.3 |
--------------------------------------------------------------------------------
Panostaja Oyj is a multi-sector holding company. The company invests in Finnish
small and medium-sized enterprises operating in traditional industries.
Investments are mostly carried out through acquisitions. The Panostaja Group
invests business resources and strategic know-how in companies. The objective is
to raise the target company to become a major player in its field according to a
pre-determined schedule. Once this schedule has elapsed, the enterprise will
continue to operate as an independent growth company.
At present, the company operates in 14 business areas. Oy Alfa-Kem Ab
manufactures and markets industrial chemicals, cleaning agents and institutional
kitchen detergents. Arme Oy carries out industrial insulation, exterior cladding
and scaffolding work. Ecosir Oy is a company specialising in solutions for waste
management and property services and maintenance equipment. The Heatmasters
Group offers metal heat-treatment services in Finland and internationally and
manufactures, develops and markets heat-treatment technology. Fittings companies
Suomen Helakeskus Oy and Seinäjoen Rakennustarvike ja Lukko Oy are key
wholesalers of building and furniture hardware in Finland. Fastenings companies
Helsingin Laaturuuvi Oy, Porin Pultti Oy and Ruuvipojat Oy serve retailers
throughout Finland. KL-Varaosat companies specialise in import, wholesale and
retail of OEM spare parts and accessories for Mercedes-Benz and BMW cars.
Kopijyvä Oy is one of Finland's biggest companies providing digital press
services. LukkoExpert Security Oy is an expert in locks, door automation and
security technology and services. Lämpö-Tukku Oy specialises in wholesale
heating, plumbing and ventilation equipment. Suomen Puunjalostus Oy operates in
the joinery industry, solid-wood interior doors and wooden staircases being its
main products. Takoma Oyj is a listed mechanical engineering group based on an
entrepreneur-driven business model. Toimex Oy manufactures and sells heating,
plumbing and ventilation supports. Vallog Oy specialises in Finnish metal
industry manufacturing and logistics services.
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